Jannah Theme License is not validated, Go to the theme options page to validate the license, You need a single license for each domain name.
Business

Cipla Block Agreement | 2.52% Stock Changes Hands in Three Big Deals

As many as 2.04 crore chares, or 2.52 per cent of Cipla’s equity, changed hands in three block deals during the block deal window on Wednesday, May 15.

The official buyers and sellers of the block deal are not yet known.

On Tuesday, May 14, CNBC-TV18 reported, citing sources, that Cipla was likely to witness a package deal worth ₹2,637 crore, with the promoter’s family (which includes Shirin Hamied, Samina Hamied and Rumana Hamied) and Okasa Pharma selling up to an amount of ₹2,637 crore. 2.53% stake in the company via a block deal.

The report said the block deal could take place at a price between ₹1,289.5 and ₹1,357.35 per share, a 5% discount from Tuesday’s closing price of 1,358.20 ₹.

Promoters’ holdings in Cipla stood at 33.47 per cent at the end of March, while mutual funds increased their holdings from 16.66 per cent to 16.83 per cent in the January-March quarter, data shows from Moneycontrol. FIIs or FPIs increased their stakes from 25.73% to 25.82% during the quarter, according to the website data.

The pharmaceutical major reported a consolidated net profit of ₹939 crore for the January-March period, up 79 per cent from ₹525.6 crore a year earlier. The profit figure was a little higher than CNBC-TV18’s estimate of ₹923.5 crore.

Operating revenue in the March quarter jumped 7.4 per cent to ₹6,163 crore as against ₹5,793 crore in the corresponding quarter last fiscal. However, the net profit was 1.4% lower than Street estimates of ₹6,250.9 crore.

Its earnings before interest, tax, depreciation and amortization (EBITDA) rose 12% year-on-year to ₹1,316 crore, while margins rose 80 basis points to 21.3%. The Street expects the pharmaceutical company to report an EBITDA of nearly ₹1,408 crore and a margin of 22.5%.

Cipla shares ended 3.99% lower at ₹1,358.2 a piece on Tuesday, May 14.

cnbctv18-forexlive

Back to top button